Net income attributable to common stockholders of $32.5 million, or
$0.21 per diluted share, compared to net income of $22.3 million, or
$0.18 per diluted share, a year ago;

Funds From Operations (FFO), excluding specified items, of $81.7
million, or $0.52 per diluted share, compared to $68.0 million, or
$0.46 per diluted share, a year ago;

Completed new and renewal leases totaling 557,883 square feet with
GAAP and cash rent growth of 27.6% and 17.1%, respectively, including
an extension of NFL Enterprises 167,606-square-foot lease at 10900
and 10950 Washington through December 2023;

Improved in-service office portfolio leased rate to 92.1% at
December31, 2017, up from 91.5% at September 30, 2017, and up from
91.2% a year ago;

Completed a public offering of $400.0 million aggregate principal
amount of 3.950% senior notes due November 2027; and

Declared and paid a quarterly dividend of $0.25 per share of common
stock.

2017 was a great year for Hudson Pacific, and it was rounded out by a
very strong fourth quarter, said Victor Coleman, Hudson Pacific
Properties Chairman and CEO. We signed 558,000 square feet of leases
in the quarter, bringing our total for the year to more than 2.1 million
square feet. Our full-year cash and GAAP rent spreads were 34% and 50%,
respectively. We expanded our Sunset Studios platform with the
acquisition of Sunset Las Palmas Studios for $200 million. We enhanced
the quality of our office portfolio by delivering 754,000 square feet of
development projects 80% pre-leased, and by selling or entering into
agreements to sell approximately $692 million of non-core assets. These
dispositions provide us with ample capital to grow our company in 2018.

Financial Results

The Company reported net income attributable to common stockholders of
$32.5 million, or $0.21 per diluted share, for the three months ended
December31, 2017, compared to net income attributable to common
stockholders of $22.3 million, or $0.18 per diluted share, for the three
months ended December31, 2016.

FFO, excluding specified items, for the three months ended December31,
2017 totaled $81.7 million, or $0.52 per diluted share, compared to
$68.0 million, or $0.46 per diluted share, a year ago. Specified items
for the fourth quarter of 2017 included the write-off of $1.1 million
consisting of $0.9 million of original issuance costs (i.e., deferred
financing costs) associated with the repayment of $150.0 million of the
Companys 5-year term loan due April 2020, and the write-off of
approximately $0.2 million of original issuance costs associated with
the repayment of $100.0 million of the Companys 5-year term loan due
November 2020 upon the sale of the Companys interest in Pinnacle I and
Pinnacle II. There were no specified items for the fourth quarter of
2016.

FFO, including the specified items, for the three months ended
December31, 2017 totaled $80.6 million, or $0.52 per diluted share,
compared to $68.0 million, or $0.46 per diluted share, a year ago.

Combined Operating Results for the Three Months Ended December31,
2017

Total revenue during the fourth quarter increased 13.2% to $189.3
million from $167.2 million for the same quarter a year ago. Total
operating expenses for the fourth quarter increased 3.7% to $145.5
million from $140.4 million for the same quarter a year ago. As a
result, income from operations increased 63.3% to $43.8 million from
$26.8 million for the same quarter a year ago. The primary reasons for
the changes in total revenue and total operating expenses are discussed
below in connection with the Companys segment operating results.

Interest expense during the fourth quarter increased 12.6% to $24.0
million from $21.3 million for the same quarter a year ago. The Company
had $2.4 billion and $2.7 billion of notes payable at December31, 2017
and December31, 2016, respectively, including notes payable associated
with real estate held for sale.

The Company had $28.7 million of gain on sale primarily associated with
the disposition of Pinnacle I and Pinnacle II during the fourth quarter
2017, compared to $21.9 million of gain on sale associated with the
disposition of 12655 Jefferson during the same quarter last year.

Segment Operating Results for the Three Months Ended December31, 2017

Office Properties

Total revenue at the Companys office properties increased 10.9% to
$171.3 million from $154.4 million for the same quarter a year ago. The
increase was due to a $10.4 million increase in rental revenue to $139.2
million, a $4.9 million increase in tenant recoveries to $24.8 million,
and a $1.5 million increase in parking and other revenue to $7.3
million. The increase in rental revenue largely resulted from higher
rents throughout the Companys same-store portfolio, Netflixs lease
commencement at ICON, and rental revenue associated with the
acquisitions of Hill7 (purchased in October 2016) and Page Mill Hill
(purchased in December 2016), all partially offset by the dispositions
of 12655 Jefferson (sold in November 2016), 222 Kearny (sold in February
2017), and Pinnacle I and Pinnacle II (sold in November 2017). The
increase in tenant recoveries is largely due to the aforementioned
acquisitions and the Netflix lease commencement. The increase in parking
and other revenue also primarily resulted from Netflixs lease
commencement at ICON and the Cisco lease termination fee.

Office property operating expenses from continuing operations increased
8.0% to $56.3 million from $52.2 million for the same quarter a year
ago. The increase primarily resulted from Netflixs lease commencement
at ICON and the aforementioned acquisitions, all partially offset by the
aforementioned dispositions.

Net operating income with respect to the Companys 29 same-store office
properties for the fourth quarter increased by 10.2% on a GAAP basis and
by 7.9% on a cash basis.

At December31, 2017, the Companys stabilized and in-service office
portfolio was 96.7% and 92.1% leased, respectively. During the quarter,
the Company executed 53 new and renewal leases totaling 557,883 square
feet.

Media and Entertainment Properties

Total revenue at the Companys media and entertainment properties
increased 41.7% to $18.1 million from $12.8 million for the same quarter
a year ago, primarily due to a $3.2 million increase in other
property-related revenue to $7.8 million and a $2.9 million increase in
rental revenue to $9.7 million, offset by a $0.8 million decrease in
tenant recoveries to $0.4 million. The increase in rental and other
property-related revenue largely resulted from the acquisition of Sunset
Las Palmas Studios (purchased in May 2017), as well as from higher
occupancy and production activity at the Companys same-store media and
entertainment properties. The decrease in tenant recoveries largely
resulted from a reimbursement in connection with the reconciliation of
prior year operating expense recoveries under the lease with KTLA at
Sunset Bronson.

Total media and entertainment operating expenses increased 38.6% to $9.8
million from $7.1 million for the same quarter a year ago, largely due
to the Sunset Las Palmas acquisition.

Net operating income for the Companys same-store media and
entertainment portfolio increased in the fourth quarter by 12.9% on a
GAAP basis and 15.5% on a cash basis, compared to the same quarter a
year ago.

The same-store media and entertainment average percent leased for the 12
months ended December31, 2017 increased to 90.7% as compared to 89.2%
for the average percent leased for the 12 months ended December31, 2016.

Balance Sheet

At December31, 2017, the Company had total assets of $6.6 billion,
including unrestricted cash and cash equivalents of $78.9 million. At
December31, 2017, the Company had $400.0 million of total capacity
under its unsecured revolving credit facility, of which $100.0 million
had been drawn.

Major Leasing

Executed Significant New & Renewal Leases

NFL Enterprises extended its 167,606-square-foot lease at 10900 and
10950 Washington in Culver City through December 2023. NFL Enterprises
continues to occupy the entirety of those two properties, where it
utilizes both office space and sound stages to broadcast the NFL Network.

Regus US signed a 46,382-square-foot lease at the Companys 95 Jackson
and 450 Alaskan office development in Seattles Pioneer Square through
June 2030.

Baker McKenzie, a multinational law firm, signed a 35,616-square-foot
lease through March 2029 at Clocktower Square in Palo Alto.

Law firm Covington & Burling LLP signed a 27,186-square-foot lease
through August 2028 at Palo Alto Square in Palo Alto.

Dispositions

Sold Pinnacle I & Pinnacle II in Burbank

On November 16, 2017, the Company sold its 65% joint venture interest in
the Pinnacle I and Pinnacle II ownership entity to certain affiliates of
Blackstone Group L.P. based on a $350.0 million combined sale price
before credits, prorations and closing costs, including the assumption
of $216.0 million of project-level financing. The disposition resulted
in net proceeds to the Company of approximately $85.1 million after
credits, prorations and closing costs and $216.0 million of consolidated
debt relief. The Company used net proceeds first to repay its unsecured
revolving credit facility, and then to pay down its 5-year term loan due
November 2020.

Entered into Agreements to Sell Two Additional Office Properties

The Company entered into an agreement to sell 2180 Sand Hill, a
45,613-square-foot office property in Menlo Park for $82.5 million
before credits, prorations and closing costs. The sale represents a 35%
premium to the Companys GAAP basis and 39% premium to the Companys
originally allocated purchase price.

The Company also entered into an agreement to sell 9300 Wilshire, a
61,422-square-foot office property in Beverly Hills for $13.8 million
before credits, prorations and closing costs. The sale represents a 21%
premium to the Companys GAAP basis.

The transactions are both expected to close on March 1, 2018, subject to
customary closing conditions. The Company currently expects to use the
proceeds from these sales to repay amounts outstanding under the
Companys unsecured revolving credit facility.

Public Bond Offering

Issued $400.0 Million of Public Debt

On October 2, 2017, the Companys operating partnership, Hudson Pacific
Properties, L.P. (the Operating Partnership) completed a public
offering of $400.0 million aggregate principal amount of 3.950% senior
notes due November 2027. The notes are senior unsecured obligations of
the Operating Partnership and fully and unconditionally guaranteed by
the Company. The Operating Partnership used a portion of the net
proceeds from the offering to repay $150.0 million of its 5-year term
loan due April 2020, and the balance to repay its revolving credit
facility and for general corporate purposes.

Dividend

Paid Common Dividend

The Companys Board of Directors declared a dividend on its common stock
of $0.25 per share for the fourth quarter of 2017. The dividends were
paid on December 28, 2017 to stockholders of record on December 18, 2017.

Activities Subsequent to December31, 2017

Executed Another Significant Lease

Software company Orbital Insight signed a 40,827-square-foot lease at
Palo Alto Square in Palo Alto through March 2025.

Sold Two Bay Area Office Properties

On January 25, 2018, the Company sold Embarcadero Place, a
197,402-square-foot office campus in Palo Alto for $136.0 million before
credits, prorations and closing costs. The sale represented a 16%
premium to the companys GAAP basis and 24% premium to the Companys
originally allocated purchase price. While proceeds from this
disposition have been initially designated for a like-kind exchange
under Internal Revenue Code Section 1031, the Company currently
anticipates that such proceeds will ultimately be used prior to the end
of the current (first) quarter to repay amounts outstanding under the
Companys unsecured revolving credit facility.

On January 31, 2018, the Company sold Peninsula Office Parks
63,050-square-foot Building 6 in San Mateo for $22.5 million before
credits, prorations and closing costs. The sale represented a 6% premium
to the Companys GAAP basis and 12% premium to the companys originally
allocated purchase price. Proceeds from the sale were used to repay
amounts outstanding under the Companys unsecured revolving credit
facility.

Repayment of Mortgage Loan Secured by Rincon Center

On February 1, 2018, the Company repaid the full amount outstanding on
its mortgage loan secured by Rincon Center. The mortgage loan was
scheduled to mature in May 2018.

2018 Outlook

The Company is providing full-year 2018 FFO guidance in the range of
$1.87 to $1.95 per diluted share, excluding specified items. Specified
items for purposes of this full-year 2018 FFO guidance consist of the
write-off of approximately $0.7 million of original issuance costs
(i.e., deferred financing costs) associated with the anticipated recast
of the Companys unsecured revolving credit facility and 5- and 7-year
term loan facilities. The full-year 2018 FFO estimate reflects
managements view of current and future market conditions, including
assumptions with respect to rental rates, occupancy levels and the
earnings impact of events referenced in this press release, but
otherwise excludes any impact from future unannounced or speculative
acquisitions, dispositions, debt financings or repayments,
recapitalizations, capital markets activity or similar matters. There
can be no assurance that the actual results will not differ materially
from this estimate.

Below are some of the assumptions the Company used in providing this
guidance (dollars in thousands):

Same-store is defined as the 29 office properties or two media and
entertainment properties, as applicable, owned and included in the
Companys stabilized portfolio as of January 1, 2017, and
anticipated to still be owned and included in the stabilized
portfolio through December 31, 2018.

(2)

Please see non-GAAP information below for a definition of cash NOI.

(3)

This estimate excludes approximately $4.5 million of material
one-time tenant improvement cost reimbursements received in 2017,
which were likewise excluded from prior year (2017) guidance for
purposes of same-store office property cash NOI growth estimates.
Please see the Same-Store Analysis in the Companys Fourth Quarter
2017 Supplemental Operating and Financial Information report for
further detail regarding these reimbursements.

Includes non-cash compensation expense, which the Company estimates
at $17,500 in 2018.

(6)

Includes amortization of deferred financing costs and loan premiums,
which the Company estimates at $5,000 in 2018.

(7)

Diluted shares represent ownership in the Company through shares of
common stock, OP Units and other convertible or exchangeable
instruments. The weighted average fully diluted common stocks/units
outstanding for 2018 includes an estimate for dilution impact of
stock grants to the Companys executives under its 2016, 2017 and
2018 outperformance programs, as well as performance-based awards
under the Companys special one-time retention award grants. This
estimate is based on the projected award potential of such programs
as of the end of such periods, as calculated in accordance with the
Accounting Standards Codification 260 Earnings Per Share.

The Company does not provide a reconciliation for non-GAAP estimates on
a forward-looking basis, including the information under 2018 Outlook
above, where it is unable to provide a meaningful or accurate
calculation or estimation of reconciling items and the information is
not available without unreasonable effort. This is due to the inherent
difficulty of forecasting the timing and/or amount of various items that
would impact net income attributable to common stockholders per diluted
share, which is the most directly comparable forward-looking GAAP
financial measure. This includes, for example, acquisition costs and
other non-core items that have not yet occurred, are out of the
Companys control and/or cannot be reasonably predicted. For the same
reasons, the Company is unable to address the probable significance of
the unavailable information. Forward-looking non-GAAP financial measures
provided without the most directly comparable GAAP financial measures
may vary materially from the corresponding GAAP financial measures.

Supplemental Information

Supplemental financial information regarding the Companys fourth
quarter and full-year 2017 results may be found in the Investor
Relations section of the Companys Website atinvestors.hudsonpacificproperties.com.
This supplemental information provides additional detail on items such
as property occupancy, financial performance by property and debt
maturity schedules.

Conference Call

The Company will hold a conference call to discuss fourth quarter 2017
financial results at 11:00 a.m. PT / 2:00 p.m. ET on February15, 2018.
To participate in the call by telephone, please dial (877) 407-0784 five
to 10 minutes prior to the start time to allow time for registration.
International callers should dial (201) 689-8560. The call will also be
broadcast live over the Internet and can be accessed via the Investor
Relations section of Hudson Pacifics Website at investors.hudsonpacificproperties.com,
where a replay of the call will be available for 90 days. A replay will
also be available beginning February 15, 2018, at 2:00 p.m. PT / 5:00
p.m. ET, through February 22, 2018, at 8:59 p.m. PT / 11:59 p.m. ET by
dialing (844) 512-2921 and entering the passcode13675466. International
callers should dial (412) 317-6671 and enter the same passcode.

Hudson Pacific Properties is a vertically integrated real estate company
focused on acquiring, repositioning, developing and operating
high-quality office and state-of-the-art media and entertainment
properties in select West Coast markets. Hudson Pacificinvests
across the risk-return spectrum, favoring opportunities where it can
employ leasing, capital investment and management expertise to create
additional value. Founded in 2006 as Hudson Capital, the Company went
public in 2010, electing to be taxed as a real estate investment trust.
Through the years, Hudson Pacific has strategically assembled a
portfolio in high-growth, high-barrier-to-entry submarkets throughout
Northern and Southern California and the Pacific Northwest. The Company
is a leading provider of design-forward, next-generation workspaces for
a variety of tenants, with a focus on Fortune 500 and industry-leading
growth companies, many in the technology, media and entertainment
sectors. As a long-term owner, Hudson Pacific prioritizes tenant
satisfaction and retention, providing highly customized build-outs and
working proactively to accommodate tenants growth. Hudson Pacific
trades as a component of the Russell 2000 and the Russell 3000
indices. For more information visit hudsonpacificproperties.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. In some cases, you can
identify forward-looking statements by the use of forward-looking
terminology such as may, will, should, expects, intends,
plans, anticipates, believes, estimates, predicts, or
potential or the negative of these words and phrases or similar words
or phrases that are predictions of or indicate future events, or trends
and that do not relate solely to historical matters. Forward-looking
statements involve known and unknown risks, uncertainties, assumptions
and contingencies, many of which are beyond the Companys control that
may cause actual results to differ significantly from those expressed in
any forward-looking statement. All forward-looking statements reflect
the Companys good faith beliefs, assumptions and expectations, but they
are not guarantees of future performance. Furthermore, the Company
disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying assumptions
or factors, new information, data or methods, future events or other
changes. For a further discussion of these and other factors that could
cause the Companys future results to differ materially from any
forward-looking statements, see the section entitled Risk Factors in
the Companys Annual Report on Form 10-K for the year ended December31,
2016 filed with the Securities and Exchange Commission, or SEC, on
February 21, 2017, and other risks described in documents subsequently
filed by the Company from time to time with the SEC.

FFO (excluding specified items) to common stockholders and
unitholders

$

81,669

$

67,974

$

307,768

$

261,537

Weighted average common stock/units outstandingdiluted

156,293

146,955

154,671

146,739

FFO per common stock/unitdiluted

$

0.52

$

0.46

$

1.98

$

1.78

FFO (excluding specified items) per common stock/unitdiluted

$

0.52

$

0.46

$

1.99

$

1.78

(1)

We calculate FFO in accordance with the White Paper on FFO approved
by the Board of Governors of the National Association of Real Estate
Investment Trusts. The White Paper defines FFO as net income or loss
calculated in accordance with generally accepted accounting
principles in the United States (GAAP), excluding extraordinary
items, as defined by GAAP, gains and losses from sales of
depreciable real estate and impairment write-downs associated with
depreciable real estate, plus real estate-related depreciation and
amortization (excluding amortization of deferred financing costs and
depreciation of non-real estate assets) and after adjustment for
unconsolidated partnerships and joint ventures. The calculation of
FFO includes the amortization of deferred revenue related to
tenant-funded tenant improvements and excludes the depreciation of
the related tenant improvement assets. We believe that FFO is a
useful supplemental measure of our operating performance. The
exclusion from FFO of gains and losses from the sale of operating
real estate assets allows investors and analysts to readily identify
the operating results of the assets that form the core of our
activity and assists in comparing those operating results between
periods. Also, because FFO is generally recognized as the industry
standard for reporting the operations of REITs, it facilitates
comparisons of operating performance to other REITs. However, other
REITs may use different methodologies to calculate FFO, and
accordingly, our FFO may not be comparable to all other REITs.

Implicit in historical cost accounting for real estate assets in
accordance with GAAP is the assumption that the value of real estate
assets diminishes predictably over time. Since real estate values
have historically risen or fallen with market conditions, many
industry investors and analysts have considered presentations of
operating results for real estate companies using historical cost
accounting alone to be insufficient. Because FFO excludes
depreciation and amortization of real estate assets, we believe that
FFO along with the required GAAP presentations provides a more
complete measurement of our performance relative to our competitors
and a more appropriate basis on which to make decisions involving
operating, financing and investing activities than the required GAAP
presentations alone would provide. We use FFO per share to calculate
annual cash bonuses for certain employees.

However, FFO should not be viewed as an alternative measure of our
operating performance because it does not reflect either
depreciation and amortization costs or the level of capital
expenditures and leasing costs necessary to maintain the operating
performance of our properties, which are significant economic costs
and could materially impact our results from operations.

We evaluate performance based upon property NOI from continuing
operations. NOI is not a measure of operating results or cash flows
from operating activities or cash flows as measured by GAAP and
should not be considered an alternative to income from continuing
operations, as an indication of our performance, or as an
alternative to cash flows as a measure of liquidity, or our ability
to make distributions. All companies may not calculate NOI in the
same manner. We consider NOI to be a useful performance measure to
investors and management because when compared across periods, NOI
reflects the revenues and expenses directly associated with owning
and operating our properties and the impact to operations from
trends in occupancy rates, rental rates and operating costs,
providing a perspective not immediately apparent from income from
continuing operations. We calculate NOI as net income (loss)
excluding corporate general and administrative expenses,
depreciation and amortization, impairments, gains/losses on sales of
real estate, interest expense, transaction-related expenses and
other non-operating items. We define NOI as operating revenues
(including rental revenues, other property-related revenue, tenant
recoveries and other operating revenues), less property-level
operating expenses (which includes external management fees, if any,
and property-level general and administrative expenses). NOI on a
cash basis is NOI on a GAAP basis, adjusted to exclude the effect of
straight-line rent and other non-cash adjustments required by GAAP.
We believe that NOI on a cash basis is helpful to investors as an
additional measure of operating performance because it eliminates
straight-line rent and other non-cash adjustments to revenue and
expenses.